XRP May Plunge to $1.20 and Still Remain Bullish, Analyst Says

XRP Could Fall to $1.20 Before Resuming Bullish Trend, Analyst Says

Analysis Overview

XRP's recent downturn has led to speculation about its future trajectory. However, a popular analyst remains bullish on the asset, indicating that it can still retrace to $1.20 and maintain its bullish structure. The analyst's analysis focuses on the relationship between the 33 EMA and 111 EMA on the monthly chart.

Technical Analysis

The analyst believes that as long as XRP holds above $1.20 on a monthly closing basis, the broader bullish thesis remains intact. However, a sustained breakdown below it would force a reassessment. The analyst has identified $1.65 as the first major level XRP needs to reclaim, and a more aggressive 'Valhalla' scenario extends beyond $15.

Additional Insights

Fellow bullish-on-XRP analyst Bird has outlined a different structure on the asset's four-hour chart, highlighting three descending resistance trendlines. He argues that the first two were followed by strong upside moves after XRP found support, and the third may be developing now. Bird has identified a long-term ascending support line, a major demand zone at around $1.30-$1.34, and resistance between $1.52 and $1.56.

Expert Opinions

Celal Kucuker has also supported Bird's view, stating that $2.00 is within reach by the end of the month after XRP bounced from a solid support level. XRP's price is expected to continue recovering from the recent sub-$1.35 low, with a potential target of $1.65 and a more aggressive 'Valhalla' scenario extending beyond $15.